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BOND ORDINANCE PROVIDING FOR VARIOUS CAPITAL IMPROVEMENTS OF THE TOWNSHIP OF MENDHAM, IN THE COUNTY OF MORRIS, NEW JERSEY, APPROPRIATING THE AGGREGATE AMOUNT OF $1,819,000 THEREFOR AND AUTHORIZING THE ISSUANCE OF $1,678,150 BONDS OR NOTES OF THE TOWNSHIP TO FINANCE PART OF THE COST THEREOF.

BE IT ORDAINED BY THE TOWNSHIP COMMITTEE OF THE TOWNSHIP OF MENDHAM, IN THE COUNTY OF MORRIS, NEW JERSEY (not less than two-thirds of all members thereof affirmatively concurring) AS FOLLOWS:

Section 1.         The several improvements or purposes described in Section 3 of this bond ordinance are hereby respectively authorized to be undertaken by the Township of Mendham , New Jersey as general improvements.  For the several improvements or purposes described in Section 3, there are hereby appropriated the respective sums of money therein stated as the appropriation made for each improvement or purpose, such sums amounting in the aggregate to $1,819,000, including the aggregate sum of $88,850 as the several down payments available from the Capital Improvement Fund and $52,000 of other funds available from other sources, for the improvements or purposes required by the Local Bond Law. The source of the down payments and other available funds are explained more fully in Section 3.

Section 2.         In order to finance the cost of the several improvements or purposes not covered by application of the several down payments or other available funds, negotiable bonds are hereby authorized to be issued in the principal amount of $1,678,150 pursuant to the Local Bond Law.  In anticipation of the issuance of the bonds, negotiable bond anticipation notes are hereby authorized to be issued pursuant to and within the limitations prescribed by the Local Bond Law.

Section 3.         The several improvements or purposes hereby authorized for which the bonds are to be issued, the estimated cost of each improvement or purpose and the appropriation therefor, the estimated maximum amount of bonds or notes to be issued for each improvement or purpose and the respective periods of usefulness are as follows:

 

 

Purpose

 

Appropriation and Estimated

Cost

 

Down Payment

And Other Available Funds

Estimated Maximum Amount of Bonds or

Notes

 

Period of

Usefulness

 

a) Acquisition of equipment for the Brookside Engine Company, including communications equipment, personal protective equipment and apparatus, exhaust purification system and a thermal imaging camera

 

$27,000

 

$2,300

(including $1,300 from Capital Improvement Fund and $1,000 from capital surplus)

 

$24,700

 

5 years

 

 

 

 

 

b) Acquisition of a generator and a tractor and bucket for the Department of Public Works

86,000

4,300

(from Capital Improvement Fund )

81,700

5 years

 

 

 

 

 

c) Improvement of building facilities for the Department of Public Works, including major repair of duplex roof and chimney and replacement of the old section of the Department of Public Works roof and the Department of Public Works garage lights

88,000

4,400

(from Capital Improvement Fund)

83,600

15 years

 

 

 

 

 

 

 

 

 

 

d) Acquisition and installation of computers, computer hardware and software and upgrades

31,000

6,300

(including $5,000 from capital surplus and $1,300 from Capital Improvement Fund)

24,700

5 years

 

 

 

 

 

e) Improvement of the drainage system in the area of Martins Lane

15,000

$750

(from Capital Improvement Fund)

14,250

40 years

 

 

 

 

 

f) Construction of bridge over India Brook

15,000

750

(from Capital Improvement Fund)

14,250

30 years

 

 

 

 

 

g) Construction of ball fields at India Brook

100,000

5,000

(from Capital Improvement Fund)

95,000

15 years

 

 

 

 

 

h) Remediation of Cold Hill Detention Basin

45,000

2,250

(from Capital Improvement Fund)

42,750

40 years

 

 

 

 

 

i) Redesign of municipal complex site

75,000

3,750

(from Capital Improvement Fund)

71,250

15 years

 

 

 

 

 

j) Design of new Brookside Firehouse

225,000

11,250

(from Capital Improvement Fund)

213,750

15 years

 

 

 

 

 

k) Improvement of municipal communications system, including replacement or improvement of radio communications tower and relay equipment

200,000

10,000

(from Capital Improvement Fund)

190,000

10 years

 

 

 

 

 

l) Resurfacing of Brockden Drive, Brockden Place, Burnett Road from Old Mill Road to North Gate Road, Farm Drive, Ironia Road from top of hill to South Road, Knapton Road, Pleasant Valley Road from Brookrace to Mendham Borough line, Stone House Road, Tingley Road from Route 24 to Washington Valley Road and Woodland Road from pump station to Randolph Township border

325,000

16,250

(from Capital Improvement Fund)

308,750

5 years

 

 

 

 

 

 

m) Acquisition of police equipment, including photo ID system, new evidence lockers, MDT equipment and other public safety and investigative equipment

32,000

22,500

(including $500 from Capital Improvement Fund and $12,000 from capital surplus and $10,000 donations)

9,500

5 years

 

 

 

 

 

n) Design of new police headquarters at Department of Public Works location, including site work

190,000

9,500

(from Capital Improvement Fund)

180,500

15 years

 

 

 

 

 

o) Acquisition of equipment for Ralston Firehouse, including high band portables, turnout gear, pagers, pass alarms, thermal imaging camera, portable generator lights, commercial washer/dryer and gas detector

29,000

14,750

(including $750 from Capital Improvement Fund and $14,000 from capital surplus)

14,250

5 years

 

 

 

 

 

p) Major repair of firehouse bays at Ralston Firehouse

30,000

1,500

(from Capital Improvement Fund)

28,500

15 years

 

 

 

 

 

q) Improvement of recreational facilities, including relocation of shed at Brookside Beach, acquisition and installation of playground equipment for Brookside Beach and design and construction of track at Tempe Wick Reserve

36,000

11,800

(including $1,800 from Capital Improvement Fund and $10,000 grant)

24,200

15 years

 

 

 

 

 

r) Acquisition of sweeper, roller and loader for Roads Department

270,000

13,500

(from Capital Improvement Fund)

256,500

5 years

 

 

 

 

 

TOTALS

$1,819,000

$140,850

$1,678,150

 

 

The improvements or purposes above include all costs necessary therefore and incidental thereto. The excess of the appropriation made for each of the improvements or purposes aforesaid over the estimated maximum amount of bonds or notes to be issued therefor, as above stated, is the amount of the down payment, or other funding source as noted, for each purpose.

Section 4.         All bond anticipation notes issued hereunder shall mature at such times as may be determined by the chief financial officer; provided that no note shall mature later than one year from its date.  The notes shall bear interest at such rate or rates and be in such form as may be determined by the chief financial officer.  The chief financial officer shall determine all matters in connection with notes issued pursuant to this ordinance, and the chief financial officer's signature upon the notes shall be conclusive evidence as to all such determinations.  All notes issued hereunder may be renewed from time to time subject to the provisions of the Local Bond Law.  The chief financial officer is hereby authorized to sell part or all of the notes from time to time at public or private sale and to deliver them to the purchasers thereof upon receipt of payment of the purchase price plus accrued interest from their dates to the date of delivery thereof.  The chief financial officer is directed to report in writing to the governing body at the meeting next succeeding the date when any sale or delivery of the notes pursuant to this ordinance is made.  Such report must include the amount, the description, the interest rate and the maturity schedule of the notes sold, the price obtained and the name of the purchaser.

Section 5.         The capital budget of the Township of Mendham is hereby amended to conform with the provisions of this ordinance to the extent of any inconsistency herewith.  The resolution in the form promulgated by the Local Finance Board showing full detail of the amended capital budget and capital program as approved by the Director of the Division of Local Government Services is on file with the Clerk and is available there for public inspection.

Section 6.         The following additional matters are hereby determined, declared, recited and stated:

(a)        The purposes described in Section 3 of this bond ordinance are not current expenses.  They are all improvements that the Township may lawfully undertake as general improvements, and no part of the costs thereof has been or shall be specially assessed on property specially benefited thereby.

(b)        The average period of usefulness, computed on the basis of the respective amounts of obligations authorized for each purpose and the reasonable life thereof within the limitations of the Local Bond Law, is 11.11 years.

(c)        The Supplemental Debt Statement required by the Local Bond Law has been duly prepared and filed in the office of the Clerk, and a complete executed duplicate thereof has been filed in the office of the Director of the Division of Local Government Services in the Department of Community Affairs of the State of New Jersey .  Such statement shows that the gross debt of the Township as defined in the Local Bond Law is increased by the authorization of the bonds and notes provided in this bond ordinance by $1,678,150, and the obligations authorized herein will be within all debt limitations prescribed by that Law.

(d)        An aggregate amount not exceeding $375,800 for items of expense listed in and permitted under N.J.S.A. 40A:2-20 is included in the estimated costs indicated herein for the purposes or improvements.

Section 7.         The grant moneys received for the purposes described in Section 3 hereof shall be applied to direct payment of the cost of the improvements.

Section 8.         The chief financial officer of the Township is hereby authorized to prepare and to update from time to time as necessary a financial disclosure document to be distributed in connection with the sale of obligations of the Township and to execute such disclosure document on behalf of the Township.  The chief financial officer is further authorized to enter into the appropriate undertaking to provide secondary market disclosure on behalf of the Township pursuant to Rule 15c2-12 of the Securities and Exchange Commission (the “Rule”) for the benefit of holders and beneficial owners of obligations of the Township and to amend such undertaking from time to time in connection with any change in law, or interpretation thereof, provided such undertaking is and continues to be, in the opinion of a nationally recognized bond counsel, consistent with the requirements of the Rule.  In the event that the Township fails to comply with its undertaking, the Township shall not be liable for any monetary damages, and the remedy shall be limited to specific performance of the undertaking.

Section 9.         The full faith and credit of the Township are hereby pledged to the punctual payment of the principal of and the interest on the obligations authorized by this bond ordinance.  The obligations shall be direct, unlimited obligations of the Township, and the Township shall be obligated to levy ad valorem taxes upon all the taxable real property within the Township for the payment of the obligations and the interest thereon without limitation of rate or amount.

Section 10.       This bond ordinance shall take effect 20 days after the first publication thereof after final adoption, as provided by the Local Bond Law.

 

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